Salina, KS

Now: 35 °

Currently: Fair

Hi: 35 ° | Lo: 23 °

"Substantial Doubt" About Sears Future

KSAL StaffMarch 22, 2017

Sears, once the monolith of American retail, says that there is “substantial doubt” that it will be able to keep its doors open.

Company shares, which hit an all-time low last month, tumbled more than 5 percent before the opening bell Wednesday.

Chairman and CEO Edward Lampert’s hedge fund has forwarded millions in funding to keep Sears afloat but with sales fading, it is burning through cash.

According to its most recent regulatory filing late Tuesday, Sears Holdings Corp. lost more than $2 billion last year. Adjusted for one-time charges, its loss was $887 million.

Sears, which employs 140,000 people, has been selling assets like its Craftsman tool brand. But it says its pension agreements may prevent the spin-off of more businesses, potentially leading to a shortfall in funding.

The Sears store in Salina is among those across the country that are in the process of closing. The Salina store in the Central Mall is in the final days of liquidating its inventory as it goes out of business.

Copyright © Rocking M Media, 2018. All Rights Reserved. No part of this story may be reproduced without Rocking M Media’s express consent.

CATEGORIES :

COMMENTS

RELATED POSTS

Sears Closing 43 More Stores

July 7, 2017 3:17 pm

State Fair Looks to the Future

April 1, 2017 10:59 am

Salina Sears Store to Close

January 4, 2017 4:13 pm

STAY IN TOUCH!

GET OUR APP!

LATEST POSTS

Kansas Voter Information ...
January 23, 2018Comments
Man Sentenced for Sexual ...
January 23, 2018Comments
Lang Employee’s Car...
January 23, 2018Comments
Brownback Confirmation Po...
January 23, 2018Comments

LATEST TWEETS

Read all tweets
© 2007 - 2018